Yang Zhao and Wendy Chen, research analysts at Nomura, are among
that list.

“Q3’s resilient growth appears to have been underpinned by
post-flood reconstruction, the overheated property market and
fading base effects from last year’s stock market bubble,” the
pair wrote shortly after the GDP report was released.

Essentially, it was underpinned by a former bubble, a potential
bubble (depending on who you ask), along with temporary effects
stemming from a series of natural disasters.

Although Zhao and Chen aren’t enthusiastic about the reasons
underpinning the result, the data is the data and as a
consequence they’ve raised their 2016 real GDP growth forecast up
to 6.6% from 6.5% “as Q3 growth was stronger than we expected”.

However, they’re not all that optimistic about what lies ahead,
suggesting that they “see signs of momentum losing steam in
September, notably in industrial production and retail sales
growth”.

“The boost from post-flood reconstruction has been fading and the
recent crackdown on the overheated property market should start
to pressure property investment and sales,” they wrote.